StorCard Inc. Closes $8m Financing to Complete Development and Prepare for Production
NEA Invests in StorCard for Breakthrough Credit Card Sized Platform

San Jose, California (April 12, 2004) – StorCard Inc. today announces the completion of Series C financing to complete development and preparation for volume production of the StorCard® platform, an innovative new technology platform. New Enterprises Associates (NEA) led the investment, with Rembrandt Venture Partners also participating for a total investment of US$8 million. This brings total investment in StorCard to US$14 million to date.

StorCard is developing products based on new technologies that combine the best features of flexible magnetic storage, intelligence and security technologies packaged in the ubiquitous credit card format – the industry’s first intelligent, portable media. StorCard’s patent pending technology provides a convenient way to securely transport, share and manage large amounts of personal or business information, while protecting the data from theft and tampering.

"NEA is very excited about the market opportunities for StorCard," said Peter Morris, general partner, NEA. The platform has great potential to surpass many existing technologies and enable new applications within the government, healthcare, enterprise, and content distribution markets. This is unique and disruptive technology that anticipates the market trends and is a superior solution for many applications beyond other technologies available today."

"NEA and Rembrandt, with their experience and vast portfolio of resources are the perfect partners to assist StorCard to bring this innovative technology to market," said Finis Conner, StorCard’s chairman and CEO. "There are important issues that affect our personal privacy and safety today. The StorCard platform as a healthcare card enables privacy and portability of your medical records to eliminate potential adverse drug interactions. In financial services, to provide enough capacity for multiple personal identifiers to prevent identity theft and fraudulent transactions. In today's global conditions, a government’s need to positively identify individuals with tamperproof, multiple biometrics to ensure they are who they say they are and authorized to do what is requested. For all of these, StorCard is the solution."

In addition, StorCard offers benefits to our increasingly mobile lifestyles by enabling privacy and accessibility to all our personal information such as pictures, video, music, financial records, documents, etc. across multiple devices such as laptops, PDAs, and smart phones. StorCard evaluation unit availability is expected the second half of 2004.

About StorCard
StorCard Inc. is an innovative developer and provider of breakthrough products expanding the market applications in enterprise, consumer electronics, government, healthcare and financial services for intelligent, secure, and portable information. Founded in 2001, StorCard is led by an experienced management team and has developed a portfolio of innovative technologies - addressing today’s issues and tomorrow’s opportunities. Additional information is available at www.storcard.com, or by calling 408-284-0190.

About NEA
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 140 have gone public and more than 150 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com.

About Rembrandt Venture Partners
Rembrandt Venture Partners, established in 1997, is a private equity venture fund which targets investments in early and expansion stage high technology companies that demonstrate potential for significant growth. Collectively, Rembrandt and its Principals have assisted in the formation and financing of more than sixty companies. For additional information, visit www.rembrandtvc.com.